Jasmin Capital & Consulting (JCC) is helping investors and asset managers navigate actively managed certificates (AMCs), highlighting the role of technology, transparency and education in shaping market growth.
The market for actively managed certificates (AMCs) is evolving rapidly, offering a flexible, cost-efficient alternative to traditional fund structures. For Jasmin Capital & Consulting (JCC), the opportunity lies in bridging asset managers, issuers and investors.
AMCs allow managers to implement strategies efficiently without the complexity of a full fund - Aous Labbane
The UK-based firm works across the entire AMC value chain. On the product side, it advises managers and distributors on structuring, issuance logistics and operational management. On the investor side, JCC helps private banks, family offices, and institutions evaluate risk, cost and integration into broader portfolios.
“Our role is to act as a bridge between managers, issuers and investors,” says founder and CEO Aous Labbane (pictured). “Many managers have strong strategies but lack experience in packaging them efficiently or navigating the regulatory landscape. Advisory support adds real value in designing, implementing and monitoring AMCs effectively.”
Issuance choices
One key decision is the issuance model. JCC takes an agnostic approach, working with a range of platforms rather than promoting one structure. Bank-issued AMCs remain most common due to familiarity and distribution reach.
“Large banks have robust execution and investors are comfortable with the credit profile of a bank note,” Labbane notes. “Special purpose vehicles are growing in use for bespoke or complex strategies, but bank issuance still dominates in practice.”
The choice often depends on investor preferences, regulatory considerations, and the scale of the strategy. “The key is choosing the right wrapper for the right situation,” Labbane adds.
AMCs are increasingly integrated into broader investment solutions, including quantitative strategies (QIS). “One recent AMC was based on a hedge fund’s quantitative strategy,” he says. “Transparent, rule-based approaches are making AMCs a natural fit.”
AMCs compete with ETFs, mutual funds and structured products. Structured products and AMCs are often preferred in private banking or family office channels for smaller allocations or test strategies, while ETFs and funds provide scale and liquidity but carry higher structural costs.
“AMCs allow managers to implement strategies efficiently without the complexity of a full fund,” Labbane explains. “They provide a bridge between testing new ideas and scaling them into larger structures.”
Testing ground for strategies
Historically, launching a fund required substantial seed capital. AMCs allow managers to start small and scale over time. “A five- or ten-million-dollar strategy might have been ignored previously,” Labbane says. “Now it can be structured as an AMC, tested with investors, and later migrated into a fund or ETF if successful.”
This flexibility benefits both boutique and large managers. Smaller firms can build track records and attract attention, while larger institutions can pilot innovative strategies in lower-risk vehicles.
Technology is central to AMC adoption. Clients expect real-time reporting, integration, and access across asset classes. “Platforms that deliver efficient connectivity and lifecycle management will attract flows, while others may fade,” Labbane says.
Education is equally critical. Formats have shifted from long in-person meetings to webinars, podcasts and short explainer videos. “Investors need concise, digestible content,” he adds.
Looking ahead, Labbane sees four forces shaping the AMC market: disciplined wrapper selection, robust technology and reporting, responsible innovation particularly for illiquid or complex assets, and continuous investor education.
“If the industry focuses on these elements, AMCs will continue to grow as a flexible and powerful way of delivering differentiated strategies,” he concludes.
The full interview and detailed AMC market analysis are available in the SRP AMC Report 2026 which can be downloaded by clicking on the link.
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